Sonasoft Corp. (OTCPK:SSFT) announces its growth and revenue strategy for 2018.
FOR IMMEDIATE RELEASE
(As published on Nasdaq GlobeNewswire)
February 15, 2018 - San Jose, California, Sonasoft Corp. (OTCPK: SSFT), (the “Company”), is pleased to provide shareholders with its growth and revenue strategy for 2018.
Sonasoft has posted a number of significant achievements over the past year, which have positioned the company for significant growth and expansion throughout 2018.
Mike Khanna, President of Sonasoft, stated, “Throughout 2017 we took the necessary steps to solidify our foundation with intent to dramatically increase revenues and shareholder value through 2018 and beyond. Our goal throughout 2018 is to exponentially increase the company’s value through strategic acquisitions, expansion of market share, and penetration into new markets with new innovative technological solutions.”
The company has made significant strides through its data archiving and eDiscovery solutions and the associated IT Professional Services division, which were the primary revenue contributors throughout 2017.
Archiving and eDiscovery Solutions
Sonasoft is a leader in email archiving and eDiscovery technology and boasts a broad customer base primarily throughout the public sector. This market segment is loyal and embraces the value that Sonasoft delivers through its innovative IT solutions. Consequently, the Company enjoys a consistent revenue stream from reoccurring maintenance renewals from the broad base of long-term customers.
In 2017, Sonasoft launched SonaVault 5.0 Email Archiving and eDiscovery Software solution which has been well received by the market. This version introduced an ‘Outlook-like’ design format that enabled end users to view their own archives with ease. Other technical upgrades to our flagship product allowed for indexing and searches to be even faster than before.
In 2018, the Company anticipates that it will further enhance its on-premise email archiving and eDiscovery solution by deploying its value-add capabilities into the Microsoft Azure Cloud. Additionally, the Company plans to further enhance its eDiscovery solutions with artificial intelligence (AI). AI capabilities will offer organizations a competitive business advantage to index and retain email based on content, which will result in significant operations savings whenever an eDiscovery is mandated.
The Company also intends to launch SonaCloud 2.0, which will be the industry’s first customizable cloud solution with advanced data analytics. This will allow organizations to ingest and analyze almost any type of data, which will give key insights to its business objectives.
Sonasoft’s technical team leverages its proficiency in Microsoft Business Software such as Microsoft Exchange Server and Microsoft SQL Server along with its expertise in email archiving and eDiscovery systems to deliver an array of lucrative and sought-after professional services that cater to Fortune 500 Companies, large municipalities, and SMB’s. Sonasoft’s professional services include data migrations to Microsoft Office 365 and Microsoft Exchange Server as well as exporting email data from legacy archiving systems such as NearPoint and Mimosa into a non-proprietary format that can be accessed as needed.
In 2017, Sonasoft’s professional services continued to add significant revenue to the balance sheet. As announced, Sonasoft won a six-figure contract with an overseas company to export out its legacy email archiving platform. Sonasoft also won a large contract with a large Midwestern city to migrate and configure its Microsoft Exchange Servers. Sonasoft also expanded its professional service offerings to include Microsoft Office 365 data migrations.
For 2018, Sonasoft will continue to aggressively pursue the expansion of its technical services. Further, The Company has entered into a distribution agreement to sell licenses of Microsoft Office 365 allowing us to offer a complete solution for clients wishing to migrate to Office 365 as well as additional reoccurring revenues.
The company is also in the process of completing a number is significant corporate initiatives to ensure the company’s continued success as we intend to enter a period of rapid growth and expansion throughout 2018.
Key initiatives include:
On January 4th, 2018 the Company announced that it had signed a letter of intent (LOI) to acquire Cornerstone Technologies. Once this acquisition is completed, the combined company’s annual revenue will be approximately $15 million. It is projected that the service division of the newly combined company will increase sales of the Sonasoft's email archiving and eDiscovery software solutions.
The Company intends to complete the acquisition of Cornerstone Technologies in the coming weeks.
Furthermore, The Company has identified and is in discussions with at least two additional companies for potential acquisition. These potential acquisitions will not only improve the company’s bottom line but will also enhance the company’s ability to diversify into new sectors of the technology industry and develop, implement, and sell new innovative technology solutions.
Further information relating to the potential acquisitions will be announced as they continue to develop.
Audit & Uplisting
In 2017, the Company announced that it completed a two-year audit of Sonasoft’s books for the fiscal years of 2015 and 2016 by a certified public accounting firm, Thayer O’Neal (ThayerONeal).
The Company is about to commence the audit of its 2017 books by the same auditing firm, Thayer O’Neal, which is a member of the Public Company CPA Alliance. The Company strives to provide investors with transparency and a commitment to follow generally accepted accounting principles (GAAP). Upon completion of the 2017 audit, the company intends to uplist to OTCQB and eventually to the NASDAQ.
Preferred Stock Initiative
In 2018, the Company will issue preferred stock and implement an initiative that will allow shareholders to convert their common stock into preferred stock. The Company anticipates that at least 25 percent of its outstanding shares will be converted into preferred stock. This roll-up will tighten the float of tradable shares, add investment stability, and assure investors that many of the large stakeholders are taking a long-term view to their investments.
“We are committed to executing on our aggressive growth strategy”, said Mike Khanna. “The expansion of our ongoing initiatives and the development of exciting new technology solutions has the company poised to have the biggest year on record. Following the true spirit of Silicon Valley, we intend to fearlessly innovate and dictate the evolution of the IT sector. We are pleased with our achievements to date and absolutely determined to execute our plan for rapid expansion into new markets, products, and business sectors. Stay tuned, as we are just getting started!”
Further updates from the company can be expected in the coming weeks.
To learn more about SonaVault Email Archiving and eDiscovery Software Solutions and for a no-cost consultation:
Sonasoft Corporation is a publicly traded corporation and is listed on the OTC Markets under the trading symbol SSFT. Sonasoft’s core business model includes enterprise-class email archiving, eDiscovery, and business continuity software solutions for Microsoft Business Applications on Microsoft Windows platforms. Sonasoft’s signature products for eDiscovery tools, which include SonaVault 5.0 Email Archiving and eDiscovery Software, as well as SonaVault Email Archiving Appliances, deliver affordable enterprise-level functionality that exceeds compliance and ease-of-use requirements of small and medium-sized businesses, governments, school districts, organizations, and enterprises. Sonasoft recently expanded its product offering to include an email archiving and eDiscovery platform in the cloud. The company currently is developing its second-generation cloud offering, which also will include a public request workflow with auditing features and data analytics. The company also launched SonaSecure, which protects systems from ransomware and other email-based threats as well as provides email continuity services. In addition, Sonasoft offers data export and migration services for competing email archiving solutions. Sonasoft email archiving and eDiscovery solutions have hundreds of deployments with an exceptionally high degree of customer satisfaction. Founded in 2003, the company is headquartered in San Jose, California.
For more information about Sonasoft’s email archiving solutions and business continuity software, contact:
Mike Khanna, President
Phone: (408) 708-4000
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This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.